printTerreStar Global Signs Letter of Intent with Government of Bermuda
Agreement Represents Significant Step in Build-Out of Integrated Mobile Communications Network
May 3, 2007
Bermuda, May 3 - Terrestar Global Ltd. ("TerreStar"), an emerging mobile communications provider and a subsidiary of Motient Corporation (MNCP), has signed a Letter of Intent (LoI) with the Government of Bermuda to enable TerreStar to take the first steps toward constructing, operating and maintaining satellite operations facilities in Bermuda. This LoI follows TerreStar's recent announcement, launching its Austrian subsidiary two weeks ago, and represents an additional significant step in the planned build-out of TerreStar's unique integrated mobile satellite-terrestrial communications network.
With the UK Outer Space Act having been extended to Bermuda in November 2006, TerreStar is also playing a key role in re-invigorating the area as a centre for excellence in space. As part of the satellite operations facility development, TerreStar intends to offer a number of other benefits to the island's culture and economy. It plans to develop a training and educational component to its development project and plans to provide its robust 4G communications services to the island. There are also plans to develop a museum celebrating Bermuda's history in the space sector.
"Executing this agreement with Bermuda represents a significant milestone for TerreStar Global and another step in globalizing our unique communications network," said Robert H. Brumley, President and CEO of TerreStar Global Ltd. "Bermuda has always been an active player in the space commerce industry and its unique location makes it a natural choice for our earth station. We look forward to a long and prosperous partnership with the government and people of Bermuda."
The geographical position of Bermuda will allow TerreStar not only to carry out satellite operations for North American satellites, but also provide operations capabilities for its planned European network. TerreStar, working cooperatively with the Government of Bermuda, will re-develop existing, but currently unutilized, building sites in Bermuda.
"The Government of Bermuda is pleased to be working with TerreStar as a part of strengthening and expanding Bermuda's role as a centre for excellence in the space industry", quoted the Hon. D. Neletha Butterfield, JP, MP, the Minister of the Environment, Telecommunications and E-Commerce. The Minister also noted that this initiative was yet another step in her Ministry's strategic plans to develop a satellite services industry that sought not only to add another niche to the international business sector; but to also ensure that the business community and the people of Bermuda had access to the latest communications technologies.
About TerreStar Global Ltd.
TerreStar Global Ltd., a subsidiary of Motient Corporation (MNCP), plans to build, own and operate the first next-generation mobile satellite integrated with terrestrial communications networks that will provide universal access and tailored applications throughout Europe over conventional wireless devices. TerreStar expects to offer customer-designed products and applications over a fully optimized 4G IP network.
About Motient Corporation
Motient is the controlling shareholder of TerreStar Networks Inc. and TerreStar Global Ltd., and a shareholder of SkyTerra Communications and Mobile Satellite Ventures LP. For additional information on Motient, please visit the company's website at www.motient.com.
Statement under the Private Securities Litigation Reform Act:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the strategy of Motient, its plans, and the transactions described in this press release. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, proposed, potential and similar words and terms in connection with future results. We assume no obligation to update or supplement such forward-looking statements.
TerreStar Media Contact
Andrew Krejci
Director of Communications
TerreStar Networks Inc.
703.483.7856
andrew.krejci@terrestar.com
Government of Bermuda Media Contact
Magnus Henagulph
Public Affairs Officer
Department of Communication & Information
441.294.2780
rmhenagulph@gov.bm